Bitcoin (BTC) after a profitable break above its bearish trendline just lately has continued to point out robust bullish momentum which can mark a big shift in market sentiment. As the digital asset continues to attempt above the bearish trendline, it has stirred up optimism amongst merchants and traders alike as as to if it could maintain its momentum and obtain the $60,152 mark.
In this text, BTC’s latest value formation will likely be analyzed with the assistance of some technical indicators to determine if it may attain the $60,152 mark and what it may imply for the way forward for the world’s main cryptocurrency.
With a market capitalization of greater than $1.1 trillion and a buying and selling quantity of greater than $24 billion as of the time of writing, the value of Bitcoin is at present down by 1.37%, buying and selling at round $58,119 within the final 24 hours. BTC’s market cap and buying and selling quantity are at present down by 1.37% and 11.67%, respectively.
Bitcoin Bullish Momentum Holds Strong
Currently, on the 4-hour chart, the value of BTC is on the rise and trying a transfer in direction of the 100-day Simple Moving Average (SMA) and the $60,152 mark with robust bullish momentum. Also, it may be observed that the crypto asset has damaged above the 4-hour bearish development line, made a retest, and started to maneuver upward once more.
The formation of the 4-hour Composite Trend Oscillator additionally suggests extra bullishness for BTC’s value as each the sign line and the SMA of the indicator are trying to cross above the zero line and are heading in direction of the overbought zone.
On the 1-day chart, the value of Bitcoin is experiencing a robust momentum, rising above the bearish trendline and towards the $60,152 mark. It is vital to notice that BTC’s value began rising after a bearish drop on the day gone by.
Finally, a cautious statement of the 1-day composite development oscillator reveals that the sign line of the indicator is trying to cross above the SMA, and each are trying to maneuver out of the overbought zone. This formation thereby signifies that the crypto asset could also be poised for extra bullish transfer.
What Could Happen If BTC Reaches The $60,152 Mark?
Exploring potential outcomes if Bitcoin reaches the $60,152 mark exhibits that if the digital asset’s value reaches the $60,152 mark and breaks above it, it might proceed to rise to check the $64,515 resistance stage. When this stage is breached, BTC might expertise extra value development towards the $66,736 resistance stage and probably different factors above.
Conversely, ought to BTC expertise a rejection on the $60,152 mark, it is going to start to drop once more towards the $53,541 assist stage. Furthermore, BTC might expertise an extra value drop to check the $50,604 assist stage and possibly different decrease ranges, if the $53,541 goal is breached.
Featured picture from iStock, chart from Tradingview.com
